Ripple CTO: Crypto Industry Expanding with More Players and Blockchains

Ripple CTO David Schwartz says the "crypto tent is getting bigger" as other players in the payments and stablecoin space launch their own blockchains. He notes that the XRP Ledger has gained "real traction" over 13 years, with a public and permissionless network that has some optional permissioned features. Schwartz's comments come after Circle, Ripple's rival, announced the launch of its own L1 blockchain, Ark, to boost its stablecoin ecosystem.

In a recent interview, Ripple CTO David Schwartz shared his perspective on the expanding landscape of the crypto and stablecoin sectors. Schwartz noted that the "crypto tent is getting bigger" as more players launch their own blockchains, including Circle's recent announcement of its L1 blockchain, Ark. He emphasized that the XRP Ledger (XRPL) has gained significant traction over the past 13 years, with a public and permissionless network that offers optional permissioned features [1].

Schwartz's comments come at a time when the global financial sector is increasingly embracing blockchain technology. According to a Ripple-backed report, banks have invested over $100 billion in blockchain infrastructure since 2020, with 345 institutions adopting XRPL for digitized gold trading and quantum-resistant currency development [1]. The report highlights the growing consensus within the financial sector that blockchain and digital assets are critical to the modern financial landscape, with 90% of financial leaders viewing them as such [1].

The XRPL, which powers Ripple's cross-border payments, has been gaining traction among major financial institutions. HSBC, for instance, is using blockchain to digitize gold trading, while SBI Holdings is developing a quantum-resistant digital currency. Ripple's strategic focus extends beyond XRP, as it seeks to obtain a U.S. banking license and deepen its integration into the regulated financial system [1].

The launch of Circle's Ark blockchain further underscores the growing competition in the stablecoin space. Arc is designed to serve as a hub for stablecoin liquidity and applications, offering high-performance, EVM-compatible settlement in regulated financial environments. The network will use USDC as its native gas asset and deliver sub-second settlement finality, opt-in privacy features, and full integration with Circle's platform [2].

Schwartz's observations reflect the broader trend of financial institutions adopting blockchain technology to modernize their systems and improve efficiency. As the global stablecoin market is projected to grow tenfold by 2025, the competition among blockchain platforms is likely to intensify [1].

References:
[1] Ripple-backed report [https://coinmarketcap.com/community/articles/6896e17d580d1d3e68f07380/](https://coinmarketcap.com/community/articles/6896e17d580d1d3e68f07380/)
[2] Circle Internet Group, the issuer of the USDC stablecoin, has announced plans to launch Arc, a new EVM-compatible layer 1 blockchain designed specifically for stablecoin finance and tokenized assets. [https://cryptobriefing.com/circle-arc-blockchain-stablecoins/](https://cryptobriefing.com/circle-arc-blockchain-stablecoins/)